Cryptocurrencies have become one of the most trending or people favourable topics in recent times in India more precisely after COVID-19. As the Covid-19 pandemic led to a global economic crisis, due to which higher volatility and decrement economic growth, the world population struggled with a lack of money. As a result, more people around the globe started investing in cryptocurrencies to earn money. In the Corona period, Elon Musk crypto tweet trends more in google.
According to the reports, cryptocurrency exchanges suggest that millions of retail investors have signed up on their portals to invest in cryptocurrencies.
Research reports suggest that the fluctuation in the price of cryptocurrency is mostly due to tweets by crypto influencers. So we consider that influencer tweets may affect crypto-asset prices.
On Twitter, there are people who have an influence on Twitter users; these people are called influencers. When these people tweeted on asset or cryptocurrency then we called them “crypto-asset influencers”.
Whenever Musk tweet on cryptocurrency, the price was always stirred. In the last few months, stocks and other assets rise and fallen in response to Musk tweets or his statements. Let us see the big picture.
Does Elon Musk Crypto Tweet influence the market?
The world’s richest person (worth $200 billion) and founder of SpaceX and Tesla always impressed audiences. If he shared anything on social media, it will become top on trending. Ex-Googler Rich Pleeth, an entrepreneur and tech investor is told that Musk can “enrich himself with one tweet.”
Generally, Elon tweets on their own company SpaceX and Tesla. Musk urged his 48.3 million followers to use the encrypted messaging app Signal, which is operated by a nonprofit.
In the month of may, Musk tweeted several times on Dogecoin thereby the price of dogecoin increased by 60x (0.6 to 50). After announcing that he was investing $1.3 million into Bitcoin, a few hours later the price of bitcoin increased by 10%. His social posts often lead to sudden rises in crypto and stock prices.
Musk can’t completely control cryptocurrency as that’s impossible due to the fact that it’s a decentralized entity but he can influence the price of some cryptocurrencies through his following in social media.
CNBC News reports that Elon Musk’s tweets are moving markets and some investors are worried about that. Using the name and fame, Musk has amplified the value of SHIB Coin and Dogecoin. In spite of fundamental weak, the dogecoin – a meme coin, pumped by 1500% by Elon Musk crypto tweet. Even his tweet made the price dump of Bitcoin, by saying the bitcoin will no more be used to buy Tesla vehicles due to which the price of bitcoin decreased by 20% within two days.